| Pos | Team | Pld | Pts | GD | W | D | L | F | A |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Cowdenbeath | 36 | 76 | +47 | 24 | 4 | 8 | 81 | 34 |
| 2 | Berwick Rangers | 36 | 76 | +27 | 23 | 7 | 6 | 54 | 27 |
| 3 | Stenhousemuir | 36 | 73 | +40 | 23 | 4 | 9 | 78 | 38 |
| 4 | Arbroath | 36 | 55 | +10 | 16 | 7 | 13 | 57 | 47 |
| 5 | Elgin City | 36 | 52 | -3 | 15 | 7 | 14 | 55 | 58 |
| 6 | Queen's Park | 36 | 51 | +5 | 13 | 12 | 11 | 47 | 42 |
| 7 | East Fife | 36 | 43 | -16 | 13 | 4 | 19 | 48 | 64 |
| 8 | Albion Rovers | 36 | 29 | -21 | 7 | 8 | 21 | 39 | 60 |
| 9 | Montrose | 36 | 28 | -28 | 6 | 10 | 20 | 31 | 59 |
| 10 | 36 | 23 | -61 | 6 | 5 | 25 | 28 | 89 |